Shiba Inu (SHIB) has underperformed the wider cryptocurrency market since the start of the year. However, a recent development concerning the token’s exchange reserves could herald the beginning of a move to the upside.
Despite once being one of the most popular meme coins, in recent years, it has become significantly overshadowed by Dogecoin (DOGE). As a response, the project has shifted its focus toward utility — and while positive developments abound, this has failed to translate to an upward motion on the price chart.
At press time, SHIB was changing hands at a price of $0.00001251, with a 1.48% pullback on the weekly chart bringing year-to-date (YTD) losses up to 42.25%.
SHIB price year-to-date (YTD) chart. Source: Finbold
So, what about that exchange reserve development we pointed to as a positive bullish catalyst? Per data retrieved by Finbold from market intelligence platform CryptoQuant, the amount of SHIB tokens held on cryptocurrency exchanges has hit an a
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